Millionaires are changing their country of residence in 2024. These are their new destinations, explained in the graph.

Just as birds seek the temperate climate of the south during the harsh northern winter, millionaires change their country place of residence in 2024 in search of warmer and friendlier places with his vast fortune.

Traditionally, countries like the US or China have been the natural habitat for millionaires, whose numbers have grown due to the better opportunities their economies offer. However, when these opportunities dry up, millionaires do not hesitate to emigrate to new destinations that allow them to maintain their wealth growth.

The report, Private Wealth Migration 2024, by investment migration consultancy Henley&Partners, reveals the forecasts of countries that will suffer from an increase in the number of projected net outflows of millionaires in 2024.

“128,000 millionaires are expected to move around the world this year, surpassing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty and social unrest, millionaires are migrating in large numbers. This great millionaire migration is a leading indicator signalling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future development of the countries they leave or make their new home in,” says Dominic Volek, Director, Private Client Group, Henley & Partners.

To illustrate this huge migration of millionaires to friendlier countries, Visualcapitalist created a chart showing which countries are will lose the population of millionaires and which of them will gain this populationconsidering a millionaire any person with investment capital of at least one million dollars.

The Importance of Maintaining a Population of Millionaires

According to a report by Henley & Partners, 20% of millionaires, also known as HNWIs (High Net Worth Individuals) are also entrepreneurs who seek out business opportunities and promote business activity. This figure increases to 60% when it comes to people with more than $100 million in investable assets.

This makes them a strategic target for countries seeking new investment and a change in production model that will ensure a prosperous future by promoting local employment and population growth.

One of the main beneficiaries of this migration is in exactly this situation. It is none other than the United Arab Emirates, which will receive about 6,700 millionaires in 2024.

The Emirates’ strategy is to decouple its economy from fossil fuels by 2030, encouraging new investors and betting big on turning the country into an attractive luxury tourism destination through pharaonic-era real estate projects and developments.

The United States, particularly in the states of Florida, California and Texas, will welcome 3,800 millionaires this year, maintaining its position as a whirlwind of technological innovation. Singapore and Canada are opening their doors to the big rich, welcoming 3,500 and 3,200 millionaires respectively.

Italy will be the European territory with the largest influx of millionaire migrants. Georgia Meloni will add 2,200 new millionaires to Italy’s population, who will have no trouble making it big. Switzerland and Greece are not far behind in terms of millionaire migrants, with 1,500 and 1,200 new residents, respectively.

The Other Side of the Coin: The Countries That Are Losing the Most Millionaires

Every coin has its heads and tails. In this case, the cross is on those countries that have ceased to be attractive to investors who are giving up everything to start a new life.

China is by far the country with the largest decline in its millionaire population. This fact was already confirmed in Hurun’s 2024 annual report, where he predicted a significant decline in the number of millionaires in China. The Henley & Partners report is even more pessimistic. It estimates that China will lose 15,200 millionaires by 2024.

Not far away is the United Kingdom, which is suffering from the economic consequences of Brexit and will lose 9,500 millionaires in 2024. This is a striking fact, since the United Kingdom has historically been an attractive destination for fortunes from Europe, Asia, Africa and the Middle East.

India’s presence among the countries with the largest exodus of millionaires is surprising, as it is one of the eternal promises of becoming an industrial superpower and replacing China as the world’s largest factory. In 2024, the Asian country will subtract 4,300 millionaires from its population.

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Image | Visualcapitalist.com